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How to Win the Lottery & Change Your Life

We have all heard horror stories about the curse of the lottery winners. Some people win a staggering amount of money that is truly life-changing yet within a a few short years they either have nothing left or are in more debt than they were before they won.

Win It & Keep It

However, you can be like the vast majority of other winners who have won big and kept their money. With sound financial planning and a level head you can use your winnings to fund the rest of your life without ever having to worry about money again.

Of course before you can learn how to spend, save and invest your winnings you will need to learn how to win the lottery.

But once you do have your winnings safely tucked away in your bank account you really need to learn how to keep them there.

Financial Planning

The difference between lottery winners who keep their money, or even grow it, and those who lose it all really lies in their mental attitude. No matter how much money you have you must realise that it is not infinite. Your supply of cash will run out sooner or later unless you invest it wisely.

Investing

Investing your winnings is a good idea as long as you invest the money wisely. Giving ex-gambling addict Uncle Tom $2 million to start his orange tree orchid business in Alaska is perhaps not the most prudent of financial decisions. Although this is a striking and exaggerated example of a bad investment idea you would be surprised at how similar it is to some of the investments made by past lottery winners.

If investment is not something you want to delve into, as many lottery winners have lost their money through bad investments, then you should at least budgeting your money so it last you through the coming years.

High Interest Banking

Depending on the amount you actually win you can live out your life in relative comfort without ever having to spend a dime.

In the USA and other countries there is already the option to take a payment plan. For people who have always struggled with their finances this is often the best course of action. Having a steady income stream means you are less likely to end up in serious debt with no money at all (as long as you don’t sell your right to the payment to a third party).

In the UK National Lottery, Euromillions and and other lotto draws take a payment plan is not an option. However, if the idea of having a yearly wage is more appealing than being overwhelmed by a huge amount of money that you could easily lose there are other options.

Placing your winnings into a high interest account and never touching that capitol can still allow you to have an extremely comfortable lifestyle just by living-off the interest!

The only disadvantage to this approach is waiting for the first interest amount to accumulate. This may not take that long if you won several million on the lotto.

Financial Advice

Whatever amount you win or whatever you plan to do with your winnings it is always advisable to speak to a qualified financial adviser.

Do not pick your local agent who is used to dealing with normal financial matters such as missed mortgage payments or debt consolidation. Seek out a professional with experience dealing in the type of amounts of money that you have!

Such experienced financial adviser can really give you some great advice but remember the money is yours and no one will look after better than you.

I hope this advice is helpful and I hope if you do win the lottery (or have already) that you enjoy the winnings for the rest of your life.

3 thoughts on “How to Win the Lottery & Change Your Life”

I want to change my life but I am not sure a lottery win would do it. I’ve heard that winning lots of money just makes all your current problems bigger (as long as they aren’t money related). Having millions of dollars comes with a lot of responsibility and stress. I think really I need to change my life FIRST before I win the lottery and I think many other people are the same.